NEAR Rallies 138% in a Month, Reaching Crypto Top 20
NEAR rose about 138% in 30 days and reached the top 20 cryptocurrencies by market capitalisation, overtaking Stellar (XLM). It traded near $5.51 on Thursday, up about 7% in 24 hours, with a market value of roughly $7.2 billion and daily volume around $1.2 billion. NEAR Intents, a cross-chain trading protocol, has reported cumulative transaction volume above $31 billion; an earlier report put the figure above $33 billion across 35 chains. Bitwise launched a US-listed NEAR investment product on Sept. 29, adding a potential source of investor interest. However, NEAR faces technical resistance around $5.50–$6, with support near $4–$4.60. Its daily RSI was about 68, while elevated futures open interest pointed to strong derivatives activity but not a clear price direction. A recent $3.8 million exploit affected NEAR Intents’ deposit and withdrawal infrastructure. The project said the vulnerability was fixed, and General Manager Alex Shevchenko said the stolen funds had been returned on Oct. 2. The incident did not compromise the NEAR blockchain or token, but remains a risk for traders.
Bullish
NEAR’s sharp monthly gain, rising trading volume, reported use of NEAR Intents and the launch of a US-listed investment product create a positive near-term backdrop for the token. Overtaking XLM may also attract attention from momentum traders. However, resistance around $5.50–$6, an RSI near 68 and elevated futures open interest raise the risk of volatility or a pullback, particularly if leveraged positions unwind. The reported exploit adds a security concern, although the vulnerability was fixed and the funds were returned; the NEAR blockchain and token were not compromised. Over the longer term, continued protocol usage and sustained demand for the investment product could support interest in NEAR, but the rally’s durability will depend on adoption and whether the token can hold key support levels.